Latest Articles

    Featured Articles

    Filter By Topic
    Baxia Markets
    By
    June 12, 2021

    Natural Gas on its highest level since November 2020

    technical analysis top header -01


    Natural Gas closed the trading session with a 4.15% gain, and this is the most XNGUSD had made in a single session since February 2021; the price broke a resistance level at $3.193 and currently trades at $3.285.

    The commodity will likely see a retracement in the reopening of the sessions as the relative strength index has entered an overbought status. The current RSI is at 74%; traders will start reacting and closing their long positions and possibly open shorts.

    The Bollinger bands are opening aggressively, but the price trades above the upper band, suggesting that the price is relatively high.

     

    Natural Gas June 11th 2021


    The expected pullback could bring the price to the $3.13 level in the short term, where it would face a support level at the 23.6% Fibonacci Retracement. Our parabolic SAR suggests that the uptrend would continue, but we believe that this is not likely to happen as our other indicators tell us that the price is too high; there could be a price correction soon.

    The overall trend continues to be upwards for the medium term. Once the RSI exits the overbought status, the price could continue to move up.

     

    We love to hear new ideas from traders and want to know what you think! 

     

    If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

     

    Submit Your Feedback  

     

    Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

     

    Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

    Subscribe by Email